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Federal Reserve Bank of San Francisco

From Wikipedia, the free encyclopedia
Federal Reserve Bank of San Francisco
Federal Reserve Seal
Headquarters
Headquarters101 Market Street
San Francisco, California, USA
EstablishedMay 18, 1914 (110 years ago) (1914-05-18)
PresidentMary C. Daly
Central bank of
Twelfth District
Websitefrbsf.org
The Federal Reserve Bank of San Francisco is one of 12 regional banks that make up the Federal Reserve System

The Federal Reserve Bank of San Francisco (informally referred to as the San Francisco Fed) is the federal bank for the twelfth district in the United States. The twelfth district is made up of nine western states—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington—plus the Northern Mariana Islands, American Samoa, and Guam. The San Francisco Fed has branch offices in Los Angeles, Portland, Salt Lake City, and Seattle. It also has a cash processing center in Phoenix.

The twelfth district is the nation's largest by area and population, covering 1.3 million sq mi (3.4 million km2), or 36% of the nation's area, and 60 million people. The Federal Reserve Bank of San Francisco is the second-largest by assets held, after New York.[1] In 2004 the San Francisco Fed processed 20.8 billion currency notes and 1.5 billion commercial checks.[citation needed]

The Federal Reserve Bank in San Francisco has one of the largest collections of US paper money in the United States, which is displayed in the American Currency Exhibit.[citation needed]

Mary C. Daly serves as the President and CEO as of October 1, 2018.[2] Notable former Presidents include John C. Williams (2011–2018), who now holds the same role at the Federal Reserve Bank of New York[3] and is Vice Chairman of the Federal Open Market Committee,[4] as well as Janet Yellen (2004–2010), who held the role of Chair of the Board of Governors from 2014 to 2018.[5]

History

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The San Francisco Federal Reserve Bank opened for business in rented quarters at the rear of the Merchants National Bank on November 16, 1914, in order to make the reserve provisions of the Federal Reserve Act. In 1924, the San Francisco staff moved out of temporary locations and into the Bank's newly built headquarters at 400 Sansome Street, a location that it would occupy for the next 60 years. In 1983, the bank relocated to 101 Market Street.

Federal reserve districts, of which the 12th is largest and most populous
Map of the Twelfth District

Branches

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After the bank's creation, a number of branches were opened to provide services across the district.[6]

Although not a stand-alone branch, the bank opened the Phoenix Cash Processing Center in 2001.[11]

Buildings

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The façade of the old Federal Reserve Bank of San Francisco at 400 Sansome Street
The current Fed building in front view.

The old headquarters building of the bank, designed by George W. Kelham, has an Ionic colonnade that is pure Beaux-Arts, while the upper building is in the new Moderne fashion of 1924. The lobby with murals by Jules Guerin who created the palette for the 1915 Panama-Pacific International Exhibition. In 1983 the bank relocated to larger and more modern facilities on 101 Market Street as the 400 Sansome Street location was sold to private developers who rented out the space. Prominent law firm Orrick Herrington & Sutcliffe was headquartered in the building until 2002 when the firm moved out of the space. The building continues to be owned by private developers and current tenants include the Bar Association of San Francisco. It is listed on the National Register of Historic Places (NRHP).

The 1929 Los Angeles branch building is also NRHP-listed.

From 1951 to 2008, the Seattle branch was headquartered at the Federal Reserve Bank Building in Downtown Seattle, which had been built in 1951 for the branch and is listed on the NRHP.[12]

Board of directors

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The following people serve on the board of directors as of 2023:[13]

Class A

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Class A
Name Title Term Expires
Clint E. Stein President and chief executive officer
Columbia Banking System
Chief Executive Officer
Umpqua Bank
Tacoma, Washington 		2024
Simone Lagomarsino President and chief executive officer,
Luther Burbank Savings and Luther Burbank Corporation
Santa Rosa, California 		2025
Laura Lee Stewart President and chief executive officer
Sound Community Bank and Sound Financial Bancorporation
Seattle, Washington 		2026

Class B

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Class B
Name Title Term Expires
Arthur F. Oppenheimer Chairman and chief executive officer Oppenheimer Companies, Inc., and President
Oppenheimer Development Corporation
Boise, Idaho 		2024
Maritza Diaz Chief Executive Officer
iTjuana
San Diego, California 		2025
Karen Kimbrough Chief Economist
LinkedIn
Sunnyvale, California 		2026

Class C

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Class C
Name Title Term Expires
David P. White

(chair)

Chief Executive Officer
3CG Ventures
Former National Executive Director
Screen Actors Guild (SAG-AFTRA)
Los Angeles, California 		2024
Mario Cordero Executive Director
Port of Long Beach
Long Beach, California 		2025
Russell A. (Chip) Childs

(deputy chair)

Chief Executive Officer and President
SkyWest, Inc.
St. George, Utah 		2026

Governors and presidents

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The position was installed under the title of "Governor" until the Banking Act of 1935 abolished the dual role of governor and agent and created a single leadership role – president.

# Portrait CEO Life span Term start Term end Tenure length Ref
Governors
1 Archibald C. Kains 1865–1944 November 25, 1914 July 5, 1917 2 years, 222 days [14]
2 James K. Lynch* 1857–1919 August 7, 1917 April 26, 1919 1 year, 262 days [15]
3 John U. Calkins 1863–1954 May 6, 1919 February 29, 1936 16 years, 299 days [16]
Presidents
4 William A. Day 1876–1951 April 1, 1936 December 31, 1945 9 years, 274 days [17]
5 Ira Clerk* 1885–1946 January 1, 1946 September 28, 1946 270 days [18]
6 C. E. Earhart 1890–1982 October 17, 1946 February 28, 1956 9 years, 134 days [19]
7 Hermann N. Mangels 1897–1961 March 1, 1956 February 28, 1961 4 years, 364 days [20]
8 Eliot J. Swan 1911–1998 March 1, 1961 June 1, 1972 11 years, 30 days [21]
9 John J. Balles† 1921–2005 September 25, 1972 February 1, 1986 13 years, 129 days [22]
10 Robert T. Parry† 1939- February 4, 1986 June 1, 2004 18 years, 118 days [23]
11 Janet Yellen 1946– June 14, 2004 October 4, 2010 6 years, 112 days [24]
12 John C. Williams 1962– March 1, 2011 June 17, 2018 7 years, 108 days [25]
13 Mary C. Daly 1962- October 1, 2018 Incumbent 6 years, 85 days [26]
† Stepped down due to reaching retirement age
* Died in office

See also

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References

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  1. ^ Release Dates
  2. ^ "Office of the President". Federal Reserve Bank of San Francisco. Retrieved 2020-02-29.
  3. ^ "Office of the President - FEDERAL RESERVE BANK of NEW YORK". www.newyorkfed.org. Retrieved 2020-02-29.
  4. ^ "The Fed - Federal Open Market Committee". Board of Governors of the Federal Reserve System. Retrieved 2020-02-29.
  5. ^ "Janet L. Yellen | Federal Reserve History". www.federalreservehistory.org. Retrieved 2020-02-29.
  6. ^ a b c d e f Federal Reserve Board (June 1925). Branches and Agencies of Federal Reserve Banks (PDF) (Report). p. 1. Retrieved June 30, 2024.
  7. ^ Kershner, Jim (April 29, 2017). "100 years ago today in Spokane: Financial leaders gush abut Federal Reserve branch for Spokane". The Spokesman-Review. Spokane, Washington. Retrieved June 30, 2024.
  8. ^ "FRBSF: Our Branches, Seattle". frbsf.org. Federal Reserve Bank of San Francisco. Retrieved June 30, 2024. The Portland Cash Operation closed in 2005 and was absorbed by the Seattle office. Portland is now a Depot site for the storage and transfer of cash, one of only ten in the Federal Reserve System.
  9. ^ "Salt Lake Branch Federal Reserve Bank Now Open". Deseret Evening News. Salt Lake City. April 1, 1918. section 2; page 1. Retrieved June 30, 2024.
  10. ^ Replogle, Roger; Alexander, Jessica (January 13, 2020). "Commemorating 100 Years in Los Angeles". FRBSF: Blog. Federal Reserve Bank of San Francisco. Retrieved June 30, 2024.
  11. ^ Federal Reserve Bank of San Francisco (September 13, 2021). "Federal Reserve Bank of San Francisco". Federal Reserve History. Retrieved June 30, 2024.
  12. ^ Ott, Jennifer (September 20, 2008). "Federal Reserve Bank (Seattle)". HistoryLink. Retrieved July 24, 2016.
  13. ^ "Federal Reserve Board - Federal Reserve Bank of San Francisco: San Francisco Board of Directors". Retrieved March 10, 2023.
  14. ^ "Archibald C. Kains". Federal Reserve History. Retrieved May 5, 2021.
  15. ^ "James K. Lynch". Federal Reserve History. Retrieved May 5, 2021.
  16. ^ "John U. Calkins". Federal Reserve History. Retrieved May 5, 2021.
  17. ^ "William A. Day". Federal Reserve History. Retrieved May 5, 2021.
  18. ^ "Ira Clerk". Federal Reserve History. Retrieved May 5, 2021.
  19. ^ "C. E. Earhart". Federal Reserve History. Retrieved May 5, 2021.
  20. ^ "Hermann N. Mangels". Federal Reserve History. Retrieved May 5, 2021.
  21. ^ "Eliot J. Swan". Federal Reserve. Retrieved May 5, 2021.
  22. ^ "John J. Balles". Federal Reserve History. Retrieved May 5, 2021.
  23. ^ "Robert T. Parry". Federal Reserve History. Retrieved May 5, 2021.
  24. ^ "Janet L. Yellen". Federal Reserve History. Retrieved May 5, 2021.
  25. ^ "John C. Williams". Federal Reserve History. Retrieved May 5, 2021.
  26. ^ "Mary C. Daly". Federal Reserve History. Retrieved May 5, 2021.
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